In relation to protection business, we will generally be paid a commission by the product provider upon the implementation of the contract. We will disclose this commission to you prior to the implementation of the contract. This commission will usually cover the cost of advice and implementation but if it does not, we will quote you the additional fee prior to implementation of the contract.
Our minimum fee for providing protection advice is £500 which is payable irrespective of whether a policy is implemented or subsequently cancelled. As stated above, this fee will usually be covered by a commission paid by the product provider on implementation of the contract.
In respect of any regular premium protection policy which we have arranged for you, should you subsequently cease to pay premiums on the policy and in consequence we are obliged to refund the commission that has been paid to us, we reserve the right to charge you a fee representing the amount we have to repay, for a period of up to four years after commencement of the policy. We will confirm the exact amount that will need to be repaid by you and the timescale over which it will need to be repaid in the suitability report we will send you when a recommendation is made. We will not charge any such fee if you exercise your right to cancel in accordance with any cancellation notice sent to you by the life insurance company. However, our minimum fee for protection advice of £500 would still be due for advice provided prior to implementation.